Financial Performance - Revenue reached approximately RMB 25,757 million, representing an increase of about 12.5% compared to the same period in 2023[3]. - The company reported a net loss of RMB 5,498,452 thousand for the year, compared to a net loss of RMB 2,577,280 thousand in 2023[9]. - The gross profit was RMB 2,347,246 thousand, down from RMB 2,453,364 thousand in the previous year[9]. - For the fiscal year ending December 31, 2024, the company reported a loss attributable to owners of approximately RMB 5,765 million, compared to a loss of RMB 2,653 million in 2023, representing an increase in loss of 117.5%[10]. - The basic and diluted loss per share for the year was RMB 139.2, compared to RMB 64.1 in the previous year, indicating a significant decline in shareholder value[10]. - The total revenue for 2024 was RMB 25,757,351 thousand, representing a 12.5% increase from RMB 22,903,847 thousand in 2023[24]. - The group achieved a contract sales amount of approximately RMB 12,787 million for the year ended December 31, 2024, a decrease of about 53.6% compared to RMB 27,524 million in 2023[54]. - The total sales area for contract sales was 1,152,192 square meters in 2024, down from 1,979,982 square meters in 2023, representing a decline of approximately 41.7%[54]. Assets and Liabilities - Total assets decreased to RMB 192,016,874 thousand from RMB 214,805,819 thousand in the previous year[6]. - Total liabilities decreased to RMB 142,618,195 thousand from RMB 159,486,979 thousand in the previous year[8]. - The company’s cash and cash equivalents decreased to RMB 6,103,770 thousand from RMB 7,734,844 thousand in the previous year[6]. - As of December 31, 2024, the company had total borrowings of approximately RMB 57,721 million, with RMB 26,180 million classified as current liabilities, highlighting liquidity concerns[17]. - The total cash, including cash equivalents and restricted cash, was approximately RMB 7,535 million as of December 31, 2024, which raises questions about the company's ability to meet its obligations[17]. - The total liabilities as of December 31, 2024, were RMB 142,618,195 thousand, down from RMB 159,486,979 thousand in 2023, indicating a reduction of approximately 10.6%[27][28]. - The total borrowings decreased from RMB 58,820,060,000 in 2023 to RMB 57,721,058,000 in 2024, a decline of about 1.9%[36]. Investment and Financing - The company incurred a net investment loss of RMB 3,326,616 thousand, compared to a loss of RMB 1,709,427 thousand in the previous year[9]. - The net financing costs for 2024 were RMB (1,994,601) thousand, which is an increase from RMB (1,351,074) thousand in 2023, indicating higher financing expenses[25][26]. - The company reported a net financing cost of RMB 1,994,601,000 for 2024, compared to RMB 1,351,074,000 in 2023, marking an increase of approximately 47.7%[41]. - The company recognized a fair value loss of RMB (621) thousand on financial assets for the year ended December 31, 2024, compared to a loss of RMB (16,150) thousand in 2023[25][26]. - The company reported a significant gain from the sale of investment properties amounting to RMB 500,091,000 in 2024, compared to a loss of RMB 535,234,000 in 2023[40]. Operational Challenges - The company is facing substantial uncertainty regarding its ability to continue as a going concern, with plans and measures in place to alleviate financial pressure[18]. - The company has reported a total of approximately RMB 22,884 million in defaulted or cross-defaulted debts, including senior notes and corporate bonds, indicating significant financial distress[17]. - The company’s subsidiary, Baolong Real Estate (Beijing) Holdings Limited, has been subject to a winding-up petition, with hearings postponed to May 12, 2025, which could impact overall operations[17]. - The company has not reflected potential adjustments in asset values or liabilities in its financial statements for the year ending December 31, 2024, indicating possible future write-downs[19]. Strategic Initiatives - Management is focused on executing sales strategies to stabilize future sales performance and is negotiating with lenders to extend or defer repayment of outstanding borrowings[19]. - The group plans to seek opportunities to sell stakes in project development companies to generate additional cash flow, with properties primarily located in first and second-tier cities[20]. - The group will continue to accelerate the presale and sale of properties, aiming to recover outstanding sales proceeds and other receivables more effectively[20]. - The group is actively evaluating additional measures to further reduce non-essential expenditures[20]. - The company aims to enhance asset value through resource integration and explore new business segments, emphasizing a flexible operational approach[62]. Market Outlook - The overall policy environment for the real estate market remains supportive, with measures to stabilize the market and promote housing demand[52]. - The company anticipates that the Chinese real estate industry will focus on "stabilizing the market, promoting demand, preventing risks, and facilitating transformation" by 2025[61]. - The company plans to implement targeted measures to stimulate housing demand and control the supply of new real estate land[61]. Human Resources - The group employed a total of 8,152 full-time employees as of December 31, 2024, down from 9,234 employees in 2023[96]. - Employee costs for the year ending December 31, 2024, amounted to approximately RMB 158.7 million[96]. - The total employee costs decreased to RMB 1,426,548,000 in 2024 from RMB 1,762,954,000 in 2023, a reduction of approximately 19.1%[39]. Governance and Compliance - The company has established an audit committee consisting of four independent non-executive directors[105]. - The independent auditor's report states that no opinion is expressed on the consolidated financial statements due to the inability to obtain sufficient appropriate audit evidence[107]. - The board has resolved not to recommend the payment of a final dividend for the year ending December 31, 2024[99].
宝龙地产(01238) - 2024 - 年度业绩